US President Joe Biden is facing tons of criticism from not only his opposition parties but now from the common Americans as well. For the past few months, the US recession has been the burning issue of the 'world's largest economy'. Amidst continuous criticism over the US recession, 'POTUS' Joe Biden broke his silence and assured the Americans that 'all is well' and the USA will not go into any recession. However, Joe Biden's denial and assurance over the USA recession did not go down well with the Americans and as a result, the POTUS faced the wrath of social media.
US President Joe Biden on Monday while talking to the reporters clarified that he does not expect that America will go into a recession despite the fact that GDP figures due later this week may show the economy shrinking for a second consecutive quarter. Furthermore, the White House issued GDP's 'new definition' saying that 'while some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle.'
US Recession: Americans slam Joe Biden
President Joe Biden said Monday he does not expect the United States suffer an economic downturn, although GDP figures due later this week may show the economy shrinking for a second consecutive quarter.
Reportedly, USA GDP has been shrinking over the past two quarters including a 1.6 percent decline in the first three months of the year. However, the consensus forecast among economists still calls for slight growth. Notably, USA's rich Federal Reserve might come into action to fight raising inflation,
Recent figures suggest GDP might have fallen in the second quarter, following a 1.6 percent decline in the first three months of the year. Fed Chair Jerome Powell has said it is "essential" to lower inflation, but stressed that the goal is to achieve that without derailing the US economy consensus forecast among economists still calls for slight growth.